An IRS wage levy can cause a lot of financial trouble for people and their families. The IRS take money from your paycheck, which often creates problems in your life and makes it difficult for you to make daily payments, But the good thing is that the IRS wage levy does not have to be with the right papers and help, from a professional the IRS wage levy can often be made smaller, removed or completely stopped.
Whenever you have to face this problem, To fight against the IRS taking your money you will need some paper, and here are the five important documents that will help you stop the IRS from taking your wages.
Understanding an IRS Wage Levy:
The IRS (Internal Revenue Service) wage levy is a way for the government to take some of your paycheck money to pay off the tax debt that you still owe. This is different from a bank levy. The IRS wage levy will keep taking money from your paycheck every time you get paid until the tax debt is paid or the IRS wage levy is stopped. The IRS wage levy is not a one time thing, it happens every pay period.
The IRS needs to look at your money’s current situation. Here you need to show them papers that prove your situation is tough. These documents help you work out a payment plan that you can handle. Below are the five critical documents you need to fight an IRS wage levy effectively. If you want to know more about how wage levies differ from other IRS collection actions, check out our article on: What Are the Differences Between an IRS Bank Levy and Wage Garnishment.
IRS Notice of Intent to Levy (CP504 or LT11)
First the IRS sends you a notice, in this notice, the IRS mentions that they are going to take your money, in this notice the IRS will also mention some things like the amount owed, your appeal rights, and deadlines to your response. Giving a response on the due date is very important to stay on track. The IRS notice of intent to levy has importance, because it confirms the IRS followed proper procedures. Here only a certified tax resolution specialist has the ability to use this notice to request a hearing, delay enforcement, or negotiate relief options before wage garnishment worsens.
Recent Pay Stubs and Income Verification
To fight a wage levy you have to show how the wage levy affects your stability. Your recent pay stubs are proof of what the wage levy does to you. You have to show your gross income, current taken salary, current deduction also, and amount being garnished. You can explain that the wage levy hurt your financial stability and affects you and your family. After providing as per above all information, tax professionals can demonstrate financial hardship and negotiate levy reductions or releases.
Monthly Expense Documentation
The IRS also looks at whether taking money out of your paycheck stops you from paying for the things you need to live. If you provide a list of what you spend each month can really help you get some relief. The things you need to live on include rent or mortgage payments, utilities, transportation, medical costs, childcare and insurance. When a tax resolution specialist reviewed these documents to help show that the levy creates an undue financial burden, increasing your chances of having it stopped. The documents are very important because they show the tax resolution specialist that the levy is causing you trouble.
IRS Form 433-F or 433-A (Collection Information Statement)
IRS form 433-F or 433-A gives you a picture of your money situation and is one of the most important things you can use to stop the IRS from taking your wages, including income details, asset information, monthly expenses, and outstanding debts. The IRS uses this form to figure out if you’re eligible for payment plans or hardship status or settlement programs. Here you need to fill out this form correctly. If you make mistakes or leave things out it can take longer to get the help you need. If you want to know more about settling your tax debt for less than you owe, check out our article on: How Can You Qualify for an Offer in Compromise?
Proof of Tax Filing Compliance
If you will not file tax returns to the IRS, they will not negotiate with you regarding a wage levy. It’s necessary to provide them all tax returns for prior years with confirmation of accepted filling. They also need extension or amendment documentation. If you don’t have the previous returns for any reason, your case may be denied regardless of hardship. Here you have time, you must contact a certified tax resolution specialist, they will make sure that you do all your tax filings the way you want, so negotiations can move forward without delays.
World Tax and Accounting Can Help You to Fight with the IRS Wage Levy:
World Tax and Accounting has a specialist team for providing tax resolution services. They can help you with problems related to the IRS and wage garnishment. Our team also knows how to deal with the IRS so you do not lose the money you have worked for. We help people who are having trouble with the IRS. Our expert team will work hard to protect your money and find a solution that’s fair for you. The team has the ability to help regarding IRS wage garnishment, they negotiate with the IRS to get a deal, for individuals and business owners. So don’t worry, our team can get your money situation back, on track and feel calm again.
If the IRS is taking money from your wages, don’t waste your time, you need to do something about it. Contact World Tax and Accounting today for expert IRS wage garnishment help, trusted IRS representation services, and personalized support from a qualified tax resolution specialist. Let us help you stop the levy and take control of your financial future.